Most mortgage brokers want the Bank of England to cut the base rate when it meets on 6th November, with the majority saying a modest 0.25% reduction would deliver the biggest boost to the housing market, according to HSBC UK’s latest Broker Barometer.
The survey found that 41% of brokers favour a rate cut from 4.00% to 3.75%, viewing it as the most effective way to stimulate demand and improve affordability.
A further 25% would like to see a deeper reduction to 3.50%, while 16% support a more aggressive cut to 3.25%.
Only 18% wanted rates to remain unchanged, and fewer than 1% believed an increase would benefit the market.
Brokers said a small reduction could help rebuild buyer confidence after months of subdued activity, encouraging more housing transactions and supporting a smoother market recovery.
The Barometer also revealed strong optimism around Project 28, the cross-industry initiative to reduce property transaction times to 28 days.
Brokers cited ongoing digital investment as key to improving efficiency, speeding up applications, and enhancing client experience.
At the same time, many brokers renewed calls for Stamp Duty reform, arguing that lowering or restructuring the tax could help first-time buyers and unlock movement across the housing chain.
Chris Pearson, head of intermediary mortgages at HSBC UK, said: “Brokers are the beating heart of the mortgage market and are clearly signalling that a modest base rate cut, combined with ongoing innovation and stamp duty reform, would help put the housing market on firmer footing.
“Project 28 is central to ensuring our broker partners and their clients experience faster decisions, better tools and greater certainty. It takes far too long to buy a property at the moment — we’re fully behind this initiative, but everyone needs to lean in to make it a reality.”
The Bank of England’s next base rate decision will be announced on 6th November.
